Total monthly cost of ownership
Cost to Own a Home in Newberry, Michigan
A $66,000 home here costs
$749per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $32,000 a year.
A standard mortgage calculator would have told you $360. The real number is $389 higher every month, 108% more than the payment most buyers budget for.
Compare Luce County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Newberry from a five-year rolling sample, and with about 1,453 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Luce County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Newberry against Luce County and Michigan
| Measure | Newberry | Luce County |
|---|---|---|
| Median home value | $65,800 | $110,400 |
| Median property tax | $1,187 | $1,121 |
| Effective tax rate | 1.804% | 1.015% |
| Median gross rent | $939 | $799 |
| Population | 1,453 | 6,325 |
The weather behind that power bill
Newberry sits in Luce County, which averages a high of 74.7°F in its hottest month and a low of 11.8°F in its coldest, with 31.7" of precipitation a year and 35% of it in a single three-month stretch. That climate drives 219 cooling and 8,474 heating degree days, which is what sets the $142 electricity line above.
See the full climate breakdown for Luce County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Luce County
No other places of this size are published in Luce County.
Talk to someone who works this market
These are Newberry averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Newberry every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Newberry I already own here and may sell
Common questions
How much does it cost to own a home in Newberry?
A $66,000 home in Newberry, Michigan costs approximately $749 per month with 20% down at 7.24%. That is $360 principal and interest, $99 property tax, $25 homeowners insurance, $210 utilities and $55 set aside for maintenance.
What is the property tax rate in Newberry?
Newberry has an effective property tax rate of 1.804%, based on a median home value of $65,800 and median real estate taxes of $1,187. That is higher than the Luce County average of 1.015%.
What is the average home price in Newberry?
The median owner-occupied home value in Newberry, Michigan is $65,800, against $110,400 across Luce County.
Is it cheaper to rent or buy in Newberry?
Median gross rent in Newberry is $939 a month, against $749 to own the median home all in. Owning costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Newberry?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Newberry, Michigan at today's rate takes a household income of roughly $32,000 a year. That covers the full $749 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Newberry, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Michigan.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.